| Q.1 |
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what is MURABAHA?
Literally it means a sale on mutually agreed profit. Technically, it is a contract of sale in which the seller
declares his cost and profit. Islamic banks have adopted this as a mode of financing. As a financing
technique, it involves a request by the client to the bank to purchase certain goods for him. The bank does
that for a definite profit over the cost, which is stipulated in advance.
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| Q.2 |
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what is IJARAH?
Ijarah is a contract of a known and proposed usufruct against a specified and lawful return or consideration
for the service or return for the benefit proposed to be taken, or for the effort or work proposed to be
expended. In other words, Ijarah or leasing is the transfer of usufruct for a consideration which is rent in
case of hiring of assets or things and wage in case of hiring of persons.
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| Q.3 |
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what is IJARAH-WAL-IQTINA?
A contract under which an Islamic bank provides equipment, building or other assets to the client against
an agreed rental together with a unilateral undertaking by the bank or the client that at the end of the lease
period, the ownership in the asset would be transferred to the lessee. The undertaking or the promise does
not become an integral part of the lease contract to make it conditional. The rentals as well as the purchase
price are fixed in such manner that the bank gets back its principal sum alongwith with profit over the
period of lease.
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| Q.4 |
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what is MUDARABAH?
A form of partnership where one party provides the funds while the other provides expertise and
management. The latter is referred to as the Mudarib. Any profits accrued are shared between the two
parties on a pre-agreed basis, while loss is borne only by the provider of the capital.
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| Q.5 |
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assalamwalekum.
do u tell me is this banking is riba free banking?according to my knowledge there are 47 classifications of riba.
Waalaikum Assalam
The System of Islamic Banking is made according to Shari'ah rulings and we are trying our level best to abide by the Shri'ah guideline to avoid all kinds of Riba and other unlawful elements.
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| Q.6 |
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salam mufti saheb,
i would like to ask only that i am associated with an insurance company which is doing marine and fire insurance so would it be ok that i can continue with this copany kindl give me reason that this jo is not likell to halal but i am just receing my salary as a accountant so could i continue or is it ok for me?
i would be very thankful to u.
thanks and best ragards
wasim
Wa Alaikumussalam
The alternate of Insurance is available now in shape of TAKAFUL.
Try to move towards Takaful.
Wassalam
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| Q.7 |
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please make duwa for us we are facing so many problems because of jinn in home.please send vazeefa for hajth.make duwa for us.
jajakallah
Assalam-o-Alaikum
please ask question relevant to Islamic Finance only.
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| Q.8 |
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please make duwa for us we are facing so many problems because of jinn in home.please send vazeefa for hajth.make duwa for us.
jajakallah
Assalam-o-Alaikum
please ask question relevant to Islamic Finance only.
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| Q.9 |
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is horse halal to eat and if it is give reason or were is it mention thank you
Assalam-o-Alaikum
this question is not related to Islamic Banking system therefore, you are advised to consult Dar-ul-Ifta.
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| Q.10 |
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ASSALAM 0 ALAIQUM WARAHMATULLAH HI WABARAKATU
I want to know in pakistan which banks are without interest???
please mention names
All Islamic banks are trying to perform their all transaction according to Shari'ah rulings and avoid from interest.
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| Q.11 |
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What is TAKAFUL?Is it HALAL
Takaful is an Islamic alternative to a conventional insurance. There are three unlawful elements such as Riba(Usury/Interest), Gharar(Uncertainty) and Qiamar (Gambling) in a conventional insurance, therefore it is prohibited. These unlawful elements are removed in Takaful by the Shariah Scholars, therefore it is Halal.
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| Q.12 |
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sir give me detail awnser with logic and islamic point of view that what is the difference between islamic and conventional banking?
Assalam-o-Alalikum
Difference between Islamic and conventional banks can be summarized in I CARE.
ISLAMIC BANKS CONVENTIONAL BANK
I= Interest Free Interest Based
C= Contractual Void Contracts Based
A= Asset Based Lending
R= Risk Not Risk Bearing
E= Ethical Non Ethical in term of Business
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| Q.13 |
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AOA i am nadia from sargodha mufti shaib i want to ask you that i am doing job in bank which follows riba banking is it haram. i know it is haram but what should i do in this case coz i need job for me and my family
Assalam-o-Alaikum
if you are involved in Riba based transactions then it is not allowed. Now you are suggested that try your level best to acquire Halal and Riba free job as soon as possible. During this period, you may seek forgiveness from Allah.
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| Q.14 |
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How is it that in some cases the same transactions are structured in two tranches, one for Islamic banks and the other for conventional banks, with changes in terminology. If the underlying security, risk profile as well as the profit rates are identical how can on tranche by halal and the other haram?
Assalam-o-Alaikum
In transactions of Islamic banks and conventional banks there is not only change in terminologies but they have completly different structure and processes to handle the transactions. securities (Rahn), risk profile and profit are the basic requirments for financial Institutions and Shariah does not reject them if they are executed as per Shari'ah defined rules. just for your information that sometimes two different transactions may have same end result but because of the different processes of execution one of them is considered Halal and other one Haram in the light of Shari'ah.
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| Q.15 |
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Salam,
I ask u that the Stock Exchange Business Right or Wrong In Islam
Shariah Scholars have prohibited trading in Stock Exchange and all sort of business related to shares which are based on Speculations, Gambling, uncertainity & Interest . Therefore trading/investing in Stock Exchange must be avoided . However, if companies in Stock Exchange follow the criterions defined by Shariah Scholars and have got their consent on their business activities then it is permitted.
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| Q.16 |
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Asalamoalaikum, Mufti saab could tell me that how is ISLAMIC BANK IS halal i mean currenlty i am using current PKR account in PAKISTAN but you guys are giving non haram banking. If i deposite Rs. 100,000/- in your bank then it will halal income. Pls. explain.
Thanks
Wa alaikum us salam - Yes, Islamic Banking is Halal as all modes of financing in Islamic Financial institutes are based on Shariah principles . Profits earned by depositing amount in Banks is through Mudarabah mode of finance in which Banks invest the money in Halal transactions and income on principal amount is ascertained on ratio bais in expected profits and decided at the time of agreement .
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| Q.17 |
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Im interested in investing in the Stock Exchange. Now, the uncertainity is that 50% claim it to be halal; but i know there are certain factors that need to be looked into before declaring a company's share halal/haram. Is there an easy way of finding this out? or is there a list of companies available where i can invest in, knowing it is halal.
What about Islamic Funds?
What about the national bonds(State); are they halal?
assalam-o-alaikum
For knowing details of list of Companies where you can invest you can directly contact Shariah Coodinators in Head Office, Dawood Islamic Bank Limited. Islamic Funds which have proper permission of an authorised and reliable Shariah Scholar are permitted otherwise not.
Bonds issued by State locally known as Prize Bonds are allowed and there is no harm in investing in Prize Bonds as there is no form of uncertainity, interset, speculation, fraud involved in these bonds. Prize received on them are as a result of draw/ balloting and those who do not receive prizes through draw there principal amount is being returned back to them.
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| Q.18 |
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Dear Sir, We had a savings account in UBL (Dollar) which people say gives interest on haram basis. What we used to do is take the interest, covert it into rupees and give that much money. Thus purifying the dollar account. Now, i have not done this for 2-3 years. The amout is now a big amount. can i buy a car from it? or where can i use it?
I have now shifted to a islamic bank so Allahumdulliah will be earning halal from it .
Please reply. Thank you
Assalam-o-Alaikum
Interest is strictly prohibited by Allah and his last Holy Prophet (salutations on him). The amount which is received in form of interest will remain Haram no matter in which form you may convert it. Therefore, according to Shariah rulings your Dollars received in form of Interest and converted into Pakistani rupees cannot be used. Infact they would be given to the needy people withouth the intention of Sadqah & Sawab. Because Holy Book And Traditions of Holy Prophet has depicted us that ALLAH IS TAYYIB and HE ALMIGHTY ONLY ACCEPTS HALAL MONEY SPENDED IN HIS WAY.
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| Q.19 |
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Can I talk to Mufti sb on islamic banking as I donot live in Pakistan and on a visit to Karachi. Will you pls contact me on 0323-2844520
Assalam-o-Alaikum
For your queries to Mufti Sahib regarding Shariah rules and practices you can mail on DIBL's website or call on 021-32637174-75. Mufti Munib ur Rehman ( Shariah Advisor) or in his absence or authority Mufti Syed Sabir Hussain ( Senior Shariah Co ordinator) will resolve your queries in light of Quran, Sunnah and consensus of authentic Shariah Scholars.
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| Q.20 |
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Dear Mufti Sb. AOA
I work for Askari Bank Islamic Banking. A customer of us who runs an educational institution has approached us for sort of 'Running Finance' to fullfil their routine needs like salaries to the staff, some payments to their suppliers etc. How should we develop this particular transaction unser Islamic Mode?.
Looking forward to reply?
Regards,
Since you are working for an Islamic Bank, your Shariah Advisor will be in much better position to fulfill & facilitate mentioned customer's requirements according to policies, products and facilities of your Bank
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| Q.21 |
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is prize bond halal .
national saving certificate halal?
Shariah Scholars are of different opinions regarding Prize Bonds.According to our research, since there is not any element of uncertainity,speculation and interest and the prizes distribution is on the basis of lucky draw/balloting. Therefore it is allowed. However, the forum is open, it is possible that someone may be of different opinion based on valid reasons.
As known, that National Saving Cerificates more or less follow the same procedure practised in Conventional Banks therefore it is not allowed to invest in National Saving Certificates.
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| Q.22 |
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Assalam u Alaikum
Dear Sir,
1 banda Amreeka(USA) mein rahta hy or kafi Maal Dar hy, os ka tamam sarmaya Bank mein hy jis pe osy kafi SOOD milta hy. wo Khud SOOD nahi leta lekin SOOD ki Rakam Bank se Wasool kr k without Sawab ki Niyyat k Ghareebon mein taqseem kr deta hy
(os banday ka kehna hy k agar wo Sood ki rakam nahi leta to Bank ye rakam non muslims ko dy deta hy)
OS banday k is amal k baray kia hukam hy ? kia os ka aisa krna theek hy?
or os Ghareeb banday k baray mein kia hukam hy jo ye sood wali rakam Os maal dar banday se leta hy, is k bawajood k os ghareeb ko ye ilm hy k ye sood ki rakam hy?
kindly Quraan o Hadith ki Roshni mein Ba-Hawala Rahnumaee farma kr hamari pereshani door farma kr Ajre darain hasil karein
Wassalam
MUhammad Irfan
Waalaikum us salam. Any sort of amount obtained through Illegal/Haram/prohibited sources neither can be used nor can be given to any person with intention of Sadqah & Sawab. As Holy Book and several traditions have specified that " Give in Charity out of the good things that you have earned and what we have produced for you out of the earth and do not seek to give worthless part of your earnings in charity whereas you yourselves would not accept such a worthless gift if someone offered to you, except in disdain by overlooking it." ( Surah Baqarah- 267) .
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| Q.23 |
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Asslam O Alikum i hope u r fine. Mufti sahab my question is that is GMI (Gold Mine International) working is legal in the view of Islam or not. I have been a member of GMI, but not working since 1 month because of my teacher friend Alama Sabir sahab is working regarding GMI is it legal in the view of Islam Please reply me. I am waiting of ur answer.
Assalam-o-Alaikum
we are working on GMI to find out its Shari'ah status and Insha Allah after few days, it wiil be finalized then we inform you.
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| Q.24 |
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Assalam u Alaikum, Mufti Sahab, Kindly let me know that my saving bank a/c in Dubai Islamic Bank and the bank give me monthly some profit. It is Halal in view of Fiqah-e-Hanfi? and can i use this profit in my personal work?
Sir, I need Fatwa in view of Fiqah-e-Hanfi.
Jazakallah.
Assalam-o-Alaikum
Since the bank you mentioned is an Islamic Bank and as per Shariah guidelines & SBP Prudential Regulations all Islamic Banks transactions are interest free and all modes of financing are Shariah based which is being ensured by Shariah Board in each Bank.
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| Q.25 |
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Assalam-o-allikum. mufti sab me working in Bank, as personnal banker, we deals in current saving both account and some wat insurance. i want to ask weather my job is ok or not, i am serching new job but i always got new jobs n bank. kindly advice
Assalam-o-Alaikum
KIndly tell us details & descriptions of your job responsibilities in order to know your involvement in Interest based transactions.
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